Nobody wants to waste money unnecessarily. That means everyone loves saving money, right? Not necessarily. I’m sure everyone knows that saving money is hard work. We often spend less by sacrificing certain things, i.e. eating home-cooked food most of the time, buying fewer clothes, skipping vacation days, and many more. While effective, these methods are often painful as it sacrifices your lifestyle. What if I told you there are other ways to save money that are relatively pain-free?
By being a little bit imaginative, you’ll notice that there are many ways to reduce spending without drastically hurting your lifestyle. This article attempts to get you started and offers several money-saving tips — guaranteed not to let you feel the pinch.
Take care of your health and stay healthy
The first one is to get healthy. As most of us might realize, eating healthy and staying fit is easier said than done. But here’s the thing, if you are in good shape, a lot of money can be saved on life insurance and health insurance plans. Why waste the extra money? If you’re already fit, good job! If not, get started. It’ll be worth your while.
Review and re-examine your auto insurance
Insurance is essential for anyone who owns a car. It provides financial protection for an accident, theft, or other damage to your vehicle. Without auto insurance, you could be held responsible for the costs associated with any damage or injury caused by accident. It can also provide coverage for medical bills, lost wages, and other related expenses.
Another advantage of auto insurance is that it can provide legal protection if you are involved in an accident. A car accident lawyer can help you understand your rights and responsibilities and ensure that you receive fair compensation for any damages or injuries caused by the accident. This is especially important if you are held liable for an accident. They can also help you with any insurance claims and negotiate a settlement on your behalf.
We recommend that you review and reexamine your auto insurance policy every year for opportunities to save. Consider this: should you be raising your deductible to a lower premium? If you’re driving an old vehicle, do you really need to have collision coverage that covers damage to your car when your car is hit by another vehicle or objects? Also, it is a good habit to compare auto insurance quotes by different companies annually. You complete this online within minutes. Why not do it?
Improving your credit score
Many successful people will tell you that the best way to save money without hurting your lifestyle will be to improve your credit score. This is very true and improving your credit score is arguably one of the most important tips you can follow. Every loan you take, whether it is a home loan, car loan, or even credit card and auto insurance, the interest rate all depends on your credit score. By improving and maintaining a good credit score, you will save yourself quite a small fortune which can easily reach tens of thousands of dollars.
Invest in the cheap
It doesn’t matter if you are a passive investor who invests only in mutual funds or whether you invest in active stocks and options, there are many ways you can consider to save your hard-earned cash. If you are investing in mutual funds, only invest in funds that have reasonably low expense ratios. The rule of thumb is to make sure the weighted average expense ratio for all mutual funds stays under 50 basis points which are 0.50 percent. When compared to funds whose fee charge over 1 percent annually, you start to notice substantial savings in the long run. As for active trading, we recommend that you stick with brokers that charge $10 per trade or less.
Save on your internet, cable, and phone bills
In this age of technology, it is a necessity to stay connected. This does not come cheap. Plus, paying for internet, cable, and phone services undoubtedly comes as one of the biggest monthly expenses for most households. The majority of providers today often offer discounts when you bundle together all three of these services together called a triple play. This way you will also get the convenience of a single bill every month.
Pay as you go
Consider switching over to prepaid services for your cell phone. While this option is not for everybody, you can save a small fortune with prepaid cell phone plans. Prepaid cell phone plans exist that charge just $0.10 a minute. Do your research and get yourself the best rates. Also, since prepaid, no need exists to commit yourself to long-term contracts and tie yourself down for years to come.
Get cash back on your credit cards
If you have a good credit score, there are many credit card providers which offer cashback solutions that can pay up to 5 percent on purchases. Forget about loyalty points, get cashback for your purchases. To maximize your savings, use the card for monthly bills and everyday expenses which you would have to pay for anyway. Do not charge for items that you do not need. For monthly bills paid by credit card, put in an instruction for auto-debit standing instructions. It is vital for you NOT to forget to pay the credit card bills on time every month to avoid late charges.
Jenny Corteza blogs for Better Price Paid and regularly writes about money-saving tips. She delights in finding change underneath her sofa as it pleases her no end. When not helping people save money and avoid bad debts, she finds herself laughing at viral cat videos and trying to recreate her own kitty memes with her temperamental Manx, Elvis.